Please show all calculations for the amounts on the income statement (the numbers I have entered right now are incorrect).

The annual data that follow pertain to Shady, a manufacturer of swimming goggles. (Shady had no beginning inventories.) (Click the icon to view the data.) Requirements 1. Prepare both conventional (absorption costing) and contribution margin (variable costing) income statements for Shady for the year. 2. Which statement shows the higher operating income? Why? Reconcile the difference between the two statements. 3. Shady's marketing vice-president believes a new sales promotion that costs $175,000 would increase sales to 200,000 goggles. Should the company go ahead with the promotion? Give your reason. i Data Table Shady Conventional (Absorption Costing) Income Statement For the Year Ended December 31 Sales revenue 7215000 Less: Cost of goods sold: 39 Beginning finished goods inventory Cost of goods manufactured 5000000 Cost of goods available for sale 5000000 225000 Sale price Variable manufacturing expense per unit Sales commission expense per unit .... Fixed manufacturing overhead ........ Fixed operating expenses ............ Number of goggles produced ......... Number of goggles sold ............ Ending finished goods inventory 4775000 2,000,000 295,000 200,000 185,000 Cost of goods sold Gross profit 2440000 2330000 Operating expenses Operating income 110000 Print Done Choose from any list or enter any number in the input fields and then click Check